The House of Representatives has approved a budget of N54.9 trillion for the 2025 fiscal year, representing an increase of N719 billion from the initial estimates. This approval was reached on Thursday after the presentation of a report by Abubakar Bichi, the chairman of the committee on appropriation.
The decision comes after the Senate also passed the budget bill, marking a significant step in Nigeria’s financial planning for the upcoming year. With both chambers of the National Assembly now in agreement, the appropriation bill awaits the next phase, which includes obtaining the presidential assent before it can be implemented.
This approval of the budget is crucial for setting the financial framework for Nigeria’s government spending in 2025 and ensuring that various sectors, including infrastructure, social services, and security, are adequately funded.
Key Highlights of the 2025 Budget:
- Total Budget: N54.9 trillion, an increase of N719 billion from previous estimates.
- Next Steps: The budget now awaits presidential assent.
The increase in the budget is seen as necessary to address the country’s growing needs and to accommodate plans for economic recovery and development.